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A-look-back-at-forex-trading---3-24-06/23709">a Look Back At Forex Trading - 3/24 By Eddie Yakubovich Due to the overwhelming success of my last look back at Forex trading, I am releasing another. There will be a new released every day, except weekends, so you could continue to look back at how we find great trading levels.
We are firmly in a downtrend from 1.7593, and longer term from 1.7933. We have been breaking through support all week, and until we get signs or indications otherwise, the market should continue it's downward move.
The next area of support is minor around the 1.7280 swing low, followed by the cluster around 1.7230 and more around 1.7147 heading down towards a complete retracements of the 1.7048 to 1.7933 move @ 1.7048.
This current move could certainly continue even beyond the 1.7048 level and become a continuation of the overall down trend from 1.9549. We have further confirmation via Technical indicators.
The Daily MACD has joined the 4-hour MACD in crossing to the sell side of the signal line, with what appears to be a significant crossing angle.
Our resistance levels were just a little off last night, which is not to say they were bad, but we have gotten spoiled, hitting our entry levels every night this week within a couple of pips.
The first area of resistance, most of our traders would use for a possible entry, was around 1.7460 last night. The market went as high as 1.7449. When you look at the fact that a majority of our traders use about a 10 pip cushion, we were right there.
We are currently trading around the 1.7345 level. It appears the down move is fully in place, and should continue towards the
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<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">(RTTNews) - The British currency spiked up further against major opponents during New York mid-day trading on Friday. The pound climbed to more than 3-week high against the euro and a multi-month ...</div>
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<br> <span style="color:#888888;">13WHAM-TV</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">In this photo illustration a Euro note and a GBP note are displayed on April 17, 2008 in London, England. (Peter Macdiarmid, Getty Images) BERLIN (AP) ? The euro is a little lower against the ...</div>
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Great British Pound (GBP) Technical Major Currencies (2010-07-30)
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<a href="http://uk.ibtimes.com/articles/20100730/great-british-pound-gbp-technical-major-currencies-2010-07-30.htm" style="font-size:1.2em">Great British Pound (GBP) Technical Major Currencies (2010-07-30)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">Despite of the pair moving within a bullish direction, signs of 1.5630 remaining intact are clearly appearing, where the harmonic bearish pattern has taken an AB=CD formation that has been ...</div>
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Great British Pound vs. Japanese Yen (2010-07-30)
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<a href="http://uk.ibtimes.com/articles/20100730/great-british-pound-vs-japanese-yen-2010-07-30.htm" style="font-size:1.2em">Great British Pound vs. Japanese Yen (2010-07-30)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">The pair declined yesterday, but from a pure technical harmonic point of view, we can see on the daily chart a chance for resuming a suggested CD leg for AB=CD pattern. We have two technical ...</div>
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<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-07-29-1627-British_Pound_Pressing_against_Resistance.html" style="font-size:1.2em">British Pound Pressing against Resistance Line</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">The GBPUSD looks vulnerable but it is difficult to short without a point of reference to place a stop. It is best to wait for a top to form and then short a bounce. The GBPUSD rally has exceeded ...</div>
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British Pound Turnaround May Be on the Horizon
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<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">GBPUSD - The ratio of long to short positions in the GBPUSD stands at -1.76 as nearly 64% of traders are short. Yesterday, the ratio was at -1.74 as 63% of open positions were short. In detail ...</div>
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Forex spread betting: GBP in focus
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<a href="http://www.spread-betting.me/spread-betting-forex-00402.html" style="font-size:1.2em">Forex spread betting: GBP in focus</a>
<br> <span style="color:#888888;">Spread Betting for Me</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">A roundup of technical insight and views from the forex spread betting and forex trading industry. Those looking at spread betting the British Pound should note that the Pound has declined ...</div>
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Great British Pound (GBP) Technical Major Currencies (2010-07-29)
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<a href="http://uk.ibtimes.com/articles/20100729/great-british-pound-gbp-technical-major-currencies-2010-07-29.htm" style="font-size:1.2em">Great British Pound (GBP) Technical Major Currencies (2010-07-29)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">The pair continues the bullish trend within the bullish channel shown above, as the pair is closely nearing key resistance for the main ascending channel, accompanied by overbought signs through ...</div>
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previous lows at 1.7280.
If this should not hold, and we have no indication it should, we would be looking towards the next cluster of resistance at 1.7230 and 1.7048.
If a bounce back up should occur, it would be testing the resistance cluster around 1.7600. This is a very tough market to make money in. The volatility dries up and the daily range gets tight. Even with these conditions if you, if you adhere to your risk vs. reward and money management rules, and you follow what he charts are telling you as far as trend direction and support and resistance, you can be very successful. Once you become comfortable with a set of indicators, technical or fundamental that you use. Analyzing charts to find good support and resistance levels could take less than 30 minutes per day.
The best way to gain the knowledge you need to find these levels, and profit from them is with a Forex trading education. Whether it be an elite Forex trading course or a Forex seminar, it is important that you find something that works for you. Article Source: http://www.upublish.info About the Author: Eddie Yakubovich Eddie has trained traders for 10 years. HisForex trading course Ready to copy Article in either text or html format:
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Rank Reports Profits Down Due to Investments in Marketing
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.online-casinos.com/news/news3110070.asp" style="font-size:1.2em">Rank Reports Profits Down Due to Investments in Marketing</a>
<br> <span style="color:#888888;">Online-Casinos.com</span> - <span style="white-space:nowrap">1 hour ago </span>
<div style="width:80%;">Despite a 10 percent rise in revenues in the first half of 2010, the UK land and gambling group Rank plc also reported this week a 23 percent decline in operating profit to GBP 2.3 million. (Great ...</div>
</div>
British Pound Volatility Ahead on Bank of England Rate Decision
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/fundamental/forecast/weekly/gbp/2010/07/30/fwf_073010_gbp.html" style="font-size:1.2em">British Pound Volatility Ahead on Bank of England Rate Decision</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">The British Pound may turn volatile in the week ahead as the Bank of England delivers the first rate decision based on an updated inflation outlook taking into account the government's austerity ...</div>
</div>
British Pound Spiked Up Further Against Majors
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.rttnews.com/Content/CurrencyMarket.aspx?Id=1377403&SM=1" style="font-size:1.2em">British Pound Spiked Up Further Against Majors</a>
<br> <span style="color:#888888;">RTT News</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">(RTTNews) - The British currency spiked up further against major opponents during New York mid-day trading on Friday. The pound climbed to more than 3-week high against the euro and a multi-month ...</div>
</div>
Euro slips back to $1.3015
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.13wham.com/business/story/Euro-slips-back-to-1-3015/ueFOlVd5Y0Ck2AXqtSbhmA.cspx" style="font-size:1.2em">Euro slips back to $1.3015</a>
<br> <span style="color:#888888;">13WHAM-TV</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">In this photo illustration a Euro note and a GBP note are displayed on April 17, 2008 in London, England. (Peter Macdiarmid, Getty Images) BERLIN (AP) ? The euro is a little lower against the ...</div>
</div>
Great British Pound (GBP) Technical Major Currencies (2010-07-30)
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://uk.ibtimes.com/articles/20100730/great-british-pound-gbp-technical-major-currencies-2010-07-30.htm" style="font-size:1.2em">Great British Pound (GBP) Technical Major Currencies (2010-07-30)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">Despite of the pair moving within a bullish direction, signs of 1.5630 remaining intact are clearly appearing, where the harmonic bearish pattern has taken an AB=CD formation that has been ...</div>
</div>
Great British Pound vs. Japanese Yen (2010-07-30)
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://uk.ibtimes.com/articles/20100730/great-british-pound-vs-japanese-yen-2010-07-30.htm" style="font-size:1.2em">Great British Pound vs. Japanese Yen (2010-07-30)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Jul 30, 2010 </span>
<div style="width:80%;">The pair declined yesterday, but from a pure technical harmonic point of view, we can see on the daily chart a chance for resuming a suggested CD leg for AB=CD pattern. We have two technical ...</div>
</div>
British Pound Pressing against Resistance Line
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/elliott_wave/gbp-usd/2010-07-29-1627-British_Pound_Pressing_against_Resistance.html" style="font-size:1.2em">British Pound Pressing against Resistance Line</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">The GBPUSD looks vulnerable but it is difficult to short without a point of reference to place a stop. It is best to wait for a top to form and then short a bounce. The GBPUSD rally has exceeded ...</div>
</div>
British Pound Turnaround May Be on the Horizon
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.dailyfx.com/forex/technical/ssi/gbp-usd/2010-07-29-1522-British_Pound_Turnaround_May_Be.html" style="font-size:1.2em">British Pound Turnaround May Be on the Horizon</a>
<br> <span style="color:#888888;">Daily FX</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">GBPUSD - The ratio of long to short positions in the GBPUSD stands at -1.76 as nearly 64% of traders are short. Yesterday, the ratio was at -1.74 as 63% of open positions were short. In detail ...</div>
</div>
Forex spread betting: GBP in focus
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://www.spread-betting.me/spread-betting-forex-00402.html" style="font-size:1.2em">Forex spread betting: GBP in focus</a>
<br> <span style="color:#888888;">Spread Betting for Me</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">A roundup of technical insight and views from the forex spread betting and forex trading industry. Those looking at spread betting the British Pound should note that the Pound has declined ...</div>
<a href="http://www.economy-news.co.uk/exchange-rates-29201007-2.html">Exchange rates: British Pound in moderate declines</a> - <span style="color:#888888">Economy News</span><br>
</div>
Great British Pound (GBP) Technical Major Currencies (2010-07-29)
<div style="padding:0px; margin-bottom:1.5em;">
<a href="http://uk.ibtimes.com/articles/20100729/great-british-pound-gbp-technical-major-currencies-2010-07-29.htm" style="font-size:1.2em">Great British Pound (GBP) Technical Major Currencies (2010-07-29)</a>
<br> <span style="color:#888888;">IBTimes</span> - <span style="white-space:nowrap">Jul 29, 2010 </span>
<div style="width:80%;">The pair continues the bullish trend within the bullish channel shown above, as the pair is closely nearing key resistance for the main ascending channel, accompanied by overbought signs through ...</div>
</div>
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